GELBOIM v. BANK OF AMERICA CORP.

Docket Nos. 13-3565-cv (L), 13-3636-cv (CON), 15-441-cv (CON), 15-454-cv (CON), 15-477-cv (CON), 15-494-cv (CON), 15-498-cv (CON), 15-524-cv (CON), 15-537-cv (CON), 15-547-cv (CON), 15-551-cv (CON), 15-611-cv (CON), 15-620-cv (CON), 15-627-cv (CON), 15-733-cv (CON), 15-744-cv (CON), 15-778-cv (CON), 15-825-cv (CON), 15-830-cv (CON).

823 F.3d 759 (2016)

Ellen GELBOIM et al., Plaintiffs-Appellants, v. BANK OF AMERICA CORPORATION et al., Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided: May 23, 2016.


Attorney(s) appearing for the Case

Thomas C. Goldstein (with Eric F. Citron on the brief), Goldstein & Russell, P.C., Bethesda, MD, for Plaintiffs-Appellants Ellen Gelboim and Linda Zacher in Case No. 13-3565.

Robert F. Wise, Jr. (with Arthur J. Burke & Paul S. Mishkin on the brief), Davis Polk & Wardwell LLP, New York, NY, for Defendants-Appellees Bank of America Corporation, Bank of America, N.A., and Merrill Lynch, Pierce, Fenner & Smith, Inc. (f/k/a Banc of America Securities LLC) (additional counsel for the many parties and amici are listed in Appendix A).

Before: JACOBS, RAGGI, and LYNCH, Circuit Judges.


Appellants purchased financial instruments, mainly issued by the defendant banks, that carried a rate of return indexed to the London Interbank Offered Rate ("LIBOR"), which approximates the average rate at which a group of designated banks can borrow money. Appellees, 16 of the world's largest banks ("the Banks"),...

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